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"Ratios & Harmonics: a Different Way to Trade." Summary 37 replies

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Ratios & Harmonics: a Different Way to Trade

  • #22,921
  • Dec 21, 2016 10:33pm Dec 21, 2016 10:33pm
Quoting Masterrmind
{quote} EU {image} Stop tightened to lock in a few pips of profit. Trade now protected however I may continue to tighten the stop as trade progresses. Time to milk it for whatever the market allows. If price bounces up from near the magenta colored line then it will be a case of assessing whether to keep the trade active or to close it out. Note: upper price alert also removed as it is no longer required ... lower price alert could also be removed if desired. Masterrmind............
EU

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Locking in more profit as trade progresses.

Notice too that extracting pips from the EU in the Asian session under tight trading ranges is not such an easy task but we give the trade as much room as possible to develop without giving back everything we have on the table.
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Its important to lock in more and more profit if and when the opportunity presents itself but it is a balancing act between enough room and strangling your trades progress.

Masterrmind..........
Master your Mind then Master your Trades
  • #22,922
  • Dec 21, 2016 10:52pm Dec 21, 2016 10:52pm
Quoting Masterrmind
{quote} EU {image} Locking in more profit as trade progresses. Notice too that extracting pips from the EU in the Asian session under tight trading ranges is not such an easy task but we give the trade as much room as possible to develop without giving back everything we have on the table. {image} Its important to lock in more and more profit if and when the opportunity presents itself but it is a balancing act between enough room and strangling your trades progress. Masterrmind..........
EU

Trade now closed out for +6.8 pips.

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I will continue to look for any and all opportunities on this pair throughout the rest of this trading day.
Notice the candle where I decided to close out the trade.

Running pip tally:
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+ 1.3 pips
+ 6.8 pips
+ .....

Masterrmind............
Master your Mind then Master your Trades
  • #22,923
  • Dec 21, 2016 11:06pm Dec 21, 2016 11:06pm
Short meal break now then I'll be back into it again.

Masterrmind...........
Master your Mind then Master your Trades
  • #22,924
  • Dec 22, 2016 12:03am Dec 22, 2016 12:03am
Quoting Masterrmind
Short meal break now then I'll be back into it again. Masterrmind...........
Good I am following as well. I am thinking it can get to 10413 area at least, but you are right to keep your stops close. There is a very good possibility it can continue up.
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The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #22,925
  • Dec 22, 2016 12:12am Dec 22, 2016 12:12am
Quoting eaglestar
{quote} Good I am following as well. I am thinking it can get to 10413 area at least, but you are right to keep your stops close. There is a very good possibility it can continue up. {image} {image}
Yes it certainly could.

Plenty of obstacles on the chart though so as always it's a case of managing any entry made.

ps. nice use of the APF too.

pps. On your EU H4 chart ... I'd tend to draw the Fib across the whole range of the swing but its your call in the end.

Masterrmind............
Master your Mind then Master your Trades
  • #22,926
  • Dec 22, 2016 12:23am Dec 22, 2016 12:23am
EURUSD [M5 Chart]

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Time to find more entries on the euro.

Masterrmind...........
Master your Mind then Master your Trades
  • #22,927
  • Dec 22, 2016 12:32am Dec 22, 2016 12:32am
Quoting Masterrmind
EURUSD [M5 Chart] {image} Time to find more entries on the euro. Masterrmind...........
EU

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Now short.

Masterrmind............
Master your Mind then Master your Trades
  • #22,928
  • Dec 22, 2016 1:28am Dec 22, 2016 1:28am
Quoting Masterrmind
{quote} EU {image} Now short. Masterrmind............
EU

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That next short was a loss for -18.1 pips ... stop runner by the feel of it!
Then a win on the next short trade for +1.3 pips ..... taken out after locking in at BE + a pip.

Currently in another short that is still running.

Masterrmind...........
Master your Mind then Master your Trades
  • #22,929
  • Dec 22, 2016 1:37am Dec 22, 2016 1:37am
Quoting Masterrmind
{quote} EU {image} That next short was a loss for -18.1 pips ... stop runner by the feel of it! Then a win on the next short trade for +1.3 pips ..... taken out after locking in at BE + a pip. Currently in another short that is still running. Masterrmind...........
EU

+5.7 pips.

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Currently down 3 pips but the day is still young.

Masterrmind...........
Master your Mind then Master your Trades
  • #22,930
  • Dec 22, 2016 2:42am Dec 22, 2016 2:42am
Hey traders, how are you all doing? I'm going to take the next 10 days off. I feel very wary of the market this time of the year so I'm going to sit back, relax and work on my analysing skills with historical charts. Good luck to the rest of you!

Now a basic question. Below are two identical charts.. one 89 tick and one 233 tick. How do you define the second high ? As a NSH or a retest? I know the close of the second high is above the close of the first high but usually I view them as a retest..
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  • #22,931
  • Dec 22, 2016 5:19am Dec 22, 2016 5:19am
Quoting Mr. Pip
{quote} I have answered this in a video hope it helps. https://youtu.be/SDprRQHT7Tw
Thanks for the vídeo ! It was great, it clears the doubts I had about it.

I guess one problem is that I don't have a clear resolution of timeframes I want to trade. I don't mind doing trades for one hour or even less ( so i think I am an intraday trader ) but truth, I want to catch the big trades that last more than one day. As long as it doesnt trigger the stop, the more days the trade lasts, the better. Its something I have to decide.

That specific instrument in the vídeo, actually did the planned High. Its the current high. So even though it took more than one day to get there, and corrected alot on the way, in my view, it would be a successfull trade.

Attached a new image of the chart. Some notes on it, Its my interpretation of what I think you are trying to teach. ( the swings are still the same from the ones in the vídeo, I have not updated them to the current status/trades )
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  • #22,932
  • Dec 22, 2016 7:16am Dec 22, 2016 7:16am
Quoting x3m-PippiN
Hey traders, how are you all doing? I'm going to take the next 10 days off. I feel very wary of the market this time of the year so I'm going to sit back, relax and work on my analysing skills with historical charts. Good luck to the rest of you! Now a basic question. Below are two identical charts.. one 89 tick and one 233 tick. How do you define the second high ? As a NSH or a retest? I know the close of the second high is above the close of the first high but usually I view them as a retest.. {image} {image}
NSH in both examples imo.

I consider it a NSH provided the close is beyond the initial NSH close and as long as there is some sort of projection.

I consider it a retest if a candle's wick tests the initial NSH close (it's ok if wick comes up just short or goes just beyond).

I consider it a push if a candle closes beyond the initial NSH close however there is 0 projection, and in this circumstance I wait for more info. See below.

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Momentum, projection, and depth are all very important but for me projection holds the most power and gives the best info. A market can continue to go up on weak momentum. A market can continue to go up with increasing depth. A market CAN NOT go up without projection. Likewise for down.

In your example, there was a ton of bull strength but price was only able to just barely take out the prior NSH (which was the HOD). Then it strongly rotated down. At the time I'd be thinking this was a stop run and looking for the fade opportunity.
  • #22,933
  • Dec 22, 2016 7:24am Dec 22, 2016 7:24am
Had to change to SIM mode, but still in practice getting ready for live trading in the new year. Don't mind the EMA line. Able to capture 20T before work. Nothing was moving 2:30am 5am. I may have to rethink schedule. My goal is to capture a minimum 20T per day to be able to reach my 10 contract goal within 6 months(not hard set rule but its a goal that can be achieve). Once I can trade multiple contracts then I can targeting 161.8 right now rules say 1 to 1, 127.2, supply/demand area for targets using 1 contract. Headed to work bullish day
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Empower Your Mind
  • #22,934
  • Dec 22, 2016 7:24am Dec 22, 2016 7:24am
Quoting Mr. Pip
{quote} This is an example of what I'm talking about. {image}
Thank you for the explanation Mr. Pip,
It gives me a clear view about double top or just a retest.

What I get, it depends on how far you zoom in to determine if it's a double top or just a retest.
But when you spot a double top in a very zoom view, you need to zoom out to see if there is any higher price or price action on its left close to it.
Do I get it correctly?
  • #22,935
  • Dec 22, 2016 7:29am Dec 22, 2016 7:29am
Any thought about this setup?

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The PRZ is on the blue square.

Reasons:

  1. It is where the green line complete.
  2. There is support on that area if I look it to the left.

I read, to make it a better confluence it should be also on Fib Extension level. But I have no idea how to draw it from my chart.

Thank you!

  • #22,936
  • Dec 22, 2016 7:31am Dec 22, 2016 7:31am
Quoting jmezz
YM this morning Weakening momentum on up swings. Need to create a new high or I think we come back and test 864ish, then possibly 838. {image}
Ok so this read was on point although it took a while to play out. YM price did not create a NSH, so then went on to eventually test 864 in AH.

Very long term is still up and it looks like some 50fib buyers stepped in here, so now we see if they're able to take it to new highs.

Short term is coming up to possible correction point here so I do still think it's possible to test 838 if we're not able to reach new highs and provided the PA doesn't choose to just sit in a tiny range like it did for most of yesterday.

Edit - Not sure that I'll be devoting that much attention to YM after yesterday. I think I'll be mainly watching TF today.

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  • #22,937
  • Dec 22, 2016 7:48am Dec 22, 2016 7:48am
Quoting evocpr19
{quote} I understand your concerns, but I can only speak for me. I am not looking to blindly copy trades, since if you do something which I would not do, I normally do nothing and look only why you did it and how it goes. Especially when one of your trades plays against you (do not get me wrong, I prefer that you win; but for learning it has also value), I could see how you mastered in a calm manner the tricky situation (at least you do not give the impression that you are jumping in front of your screen). I am simply looking how the theorie is...
Thank you evo, but how come?
  • #22,938
  • Dec 22, 2016 7:52am Dec 22, 2016 7:52am
Quoting jmezz
{quote} Thank you evo, but how come?
I did not see the PA in realtime, but I think it went up with steam, so I would not enter short on the first candle showing down. I would not have seen your expectation.

The same with YM, I expected price to go down to the 61.8 fib (which finally happened without me), but my timing was not right.
  • #22,939
  • Dec 22, 2016 7:56am Dec 22, 2016 7:56am
Quoting mrwhit3
Hi to everyone, in particular to the creator of this 3D Mr. Pip. The huge size of this 3D and the activity, clearly show me a big interest on Harmonic Trading also nowadays. (I guess is a good sign) I'm a beginner on trading, but I came along with this particular technique of harmonic trading and I liked it! I did read the book of Scott mc Carney and I'm trying at the moment some backtesting using Voenix ea scanner for MT4. On a backtest looks quite good on profit, but I would like to ask to all of you (thanks to almost 4 year of experience) different...
1. The only Harmonic I would trust is the one Scott Carney developed himself. It's called formation seeker and it's not free but also inexpensive considering the value you get. The other stuff out there is crap and not worth the time. Harmonics goes much deeper then the patterns His software accounts for those things and he is the source of these patterns.

2. Harmonics work on any instrument and any time frame. The difference in time frame is frequency. The smaller the time frame the more frequency you will get. and with more frequency comes more winners and losers. It is not any less profitable on higher vs lower time frames.

3.The patterns alone entering them blindly offer a positive expectancy. However it would be important to learn to read a price chart with accuracy and efficiency to help you qualify the pattern or patterns you are looking to trade. A setup alone is not enough to have longevity in this business.

You need to decide what type of trader are you based on how much time you have or want to invest on the screen. Your temperament also will dictate what type of trader you are. Short term Day Trader, Swing Trader or position trader.
If you fail to plan, you plan to fail.
  • #22,940
  • Dec 22, 2016 7:58am Dec 22, 2016 7:58am
Quoting evocpr19
{quote} Thank you for sharing. I am amazed about how you dealt with the situation and how you switch off emotions. It would have been a mess for me.
Keeping it mechanical will keep the emotions out of the way. Using a conditional thought process will help you. Price either did or did not meet a condition and if it did what does or trade plan tell you to do. If you have no plan then you will be a mess.
If you fail to plan, you plan to fail.
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